China's central bank says will gradually set up rules to regulate fintech

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Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee

SHANGHAI (Reuters) - China’s central bank said on Saturday it will gradually set up a system of rules to regulate fintech, and will fully utilize the technology to optimize the flow of credit and reduce financing costs for businesses.

The People’s Bank of China (PBOC), in a statement on its website, also said it would enhance the application of new technologies in regulation, and improve the ability to prevent risks.